Owners’ equity is the difference between the assets and liabilities reported on your company’s balance sheet. It’s generally composed of…
Timing is critical in financial reporting. Under accrual-basis accounting, the end of the accounting period serves as a “cutoff” for…
Accurate bookkeeping is essential to operating a successful small business. The problems created by inadequate bookkeeping practices can have significant,…
Technology is transforming the accounting profession. When businesses moved from paper ledgers to spreadsheets, it improved the timeliness, accuracy and…
The updated lease accounting standard is currently in effect for private companies. After several postponements during the pandemic, the Financial…
How often does your company generate a full set of financial statements? It’s common for smaller businesses to issue only…
Business owners and investors are understandably concerned about skyrocketing inflation. Over the last year, consumer prices have increased 8.3%, according…
Forecasting how your company is likely to perform over the next year can be challenging, especially when it’s unclear where…
An external audit is less stressful and less intrusive if you anticipate your auditor’s document requests. Auditors typically ask clients…
On October 25, the Financial Accounting Standards Board (FASB) issued a simpler accounting option that will enable private companies to more…